1. Suppose a life insurance company insures the lives or 4,000 women aged 50. If the actuarial studies show the probability that any 50-year-old woman will die in a giuven year to be 0.2%, find the exact probability that the company will have to pay 5 claims during a given year. 2. According to social survey 90% of young professionals have motorcycles. Assume that this result holds true for the current population of young professionals. Find the probability that in a smaple of 10 young professionals at least 9 have motorcycles.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
1. Suppose a life insurance company insures the lives or 4,000 women aged 50. If the actuarial studies show the probability that any 50-year-old woman will die in a giuven year to be 0.2%, find the exact probability that the company will have to pay 5 claims during a given year.
2. According to social survey 90% of young professionals have motorcycles. Assume that this result holds true for the current population of young professionals. Find the probability that in a smaple of 10 young professionals at least 9 have motorcycles.
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